A correction in the Bitcoin price mean good news, analyst said

01/12/2023
72

Much-followed cryptocurrency analyst Rekt Capital recently indicated that a correction in the Bitcoin price before the halving could actually be a good thing.

The Bitcoin halving occurs about every four years. The pre-programmed event halves the reward for Bitcoin miners. This time, the block reward will drop from 6.25 to 3.125 BTC per block.

In his analysis, the pseudonymous analyst delved a correction deeper into previous phases before halving the king currency, indicating that BTC has historically used the halving to jump to new record highs. He indicated the following:

"Black trendline trends serve as resistance in the period before halving (orange circles), but after halving it is broken and reclaimed as new support (black circle). After a successful retest, BTC later jumps to new all-time highs."

According to the trader, if the price of BTC falls before the halving, it will only result in an even more explosive period after the event, currently expected in April 2024. He described it as follows:

"Any deeper retracement during the period before the halving will enable the future parabolic uptrend in the period after the halving."
"Bitcoin is still in the pre-halving phase, but after the halving, Bitcoin will spend a few weeks in re-accumulation (red) before moving into a parabolic uptrend (green)."

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